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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported) November 21, 1996
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PICO PRODUCTS, INC.
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(Exact name of Registrant as specified in its charter)
NEW YORK 1-8342 15-0624701
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(State or other jurisdiction (Commission (IRS Employer
of incorporation File Number) Identification No.)
12500 Foothill Boulevard, Lakeview Terrace, CA 91342
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (818) 897-0028
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(N/A)
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(Former name or former address, if changed since last report)
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FORM 8-K CURRENT REPORT:
Item 5. Other Events.
On November 21, 1996, Pico Products, Inc. (the "Company") reported in a news
release, dated November 21, 1996, that it has completed a private placement
totaling $6 million. A copy of the news release is attached hereto as Exhibit
99.
Item 7. Financial Statements and Exhibits
(c) Exhibits
(99) News release, dated November 21, 1996
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PICO PRODUCTS, INC.
REGISTRANT
Date: November 22, 1996 /s/ Joseph T. Kingsley
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Senior Vice President of Finance
Chief Financial Officer
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[LOGO] NEWS
RELEASE
PICO PRODUCTS, INC.
12500 Foothill Blvd.
Lakeview Terrace, CA 91342
(800) 421-6511
FAX (818) 899-1381
CONTACT:
Joseph T. (Ted) Kingsley
FOR IMMEDIATE RELEASE (800) 421-6511
PICO PRODUCTS COMPLETES $6 MILLION PRIVATE PLACEMENT
Lakeview Terrace, California -- November 21, 1996: Pico Products, Inc. (Amex
"PPI") announced today the completion of a private placement totaling $6 million
with two institutional investors. The private placement includes $5 million of
seven-year 12 percent subordinated debentures with Allied Capital Corporation of
Washington, D.C. and $1 million of 12 percent redeemable preferred stock with
The Sinkler Corporation of Philadelphia, Pennsylvania.
The new capital will be used to finance growth in the U.S., Brazil, and Asia, to
develop new products and to acquire new technologies in the telecommunications
market. The new capital will also be used to expand trap manufacturing
facilities in St. Kitts and to expand engineering facilities in California.
As part of the financing, Allied Capital received warrants to purchase 779,313
shares of the Company's common stock and The Sinkler Corporation received
warrants to purchase 155,863 shares of the Company's common stock. The warrants
are exercisable at a price of $1.81 per share, the average closing price of the
Company stock for the 30 trading days prior to November 21, 1996.
Pico Products, Inc. manufactures and distributes broadband electronic systems
and components for the world-wide cable television and telecommunications
industry. The Company has facilities in Lakeview Terrace, California; Syracuse,
New York; St. Kitts; Taiwan; Hong Kong; Bangkok, Thailand, and Sao Paulo,
Brazil.
